What's The Best Way To Figure Out How Much You Need For Retirement 

We were lucky to be able to "test" our retirement income by actually living on that amount for a couple years BEFORE we pulled the plug and retired. Hence, we were confident of our retirement budget. It's worked out well so far and we haven't even touched SS yet.

Saving too much has turned out to be a blessing. Working the last few years until 55 per our plan, it has been nice and relaxing to know that there is enough to support us for the rest of our lives. We have shifted to legacy planning while waiting for 55 and access to 401K money as well as retiree healthcare which for us are two of the biggest pieces of our retirement puzzle.

I subscribed to your channel a few months after this video came out. I just watched it and it’s one of your best videos.

One retirement option, not for everyone of course, is to retire overseas to a low cost of living country. There are low cost of living destinations in Europe, Central America, and Asia. I am an American expat living in Thailand for the past five years. I retired at 55 years of age 11 years ago.

I’ll be turning 50 this year house almost paid off in five years no credit card debt. No car payment. My financial advisor told me I have enough money to retire at 55. I’ll probably work till I’m 65 because I love what I do.

Thanks, Erin.

Honestly I have not heard of the method but it makes a lot of sense. The word millionaire with a million dollar is over rated now a days. Great valuable information. Thank you for sharing

Good video with excellent presentation as always.

It's all about a plan. If you make a plan and stick to it you will succeed. We got married in 2000 on my wife's 50th birthday. We had two car payments, a small mortgage and a loan for some land. We made a plan to pay off the highest interest loan first, then move all that money to the next highest. We were debt free in three years. We have pensions from the state teachers fund and from the local municipality. We also have social security. I receive a disability payment from the VA. We have 401k and 457 plans also. We manage to gain a couple thousand dollars a month after expenses. The past few years we have invested in the stock market and have a fair amount in that account. We are 72 and 75 and plan to take only the RMD payments from our retirement accounts and will have the stock market money if we would ever need it. We would never be in this position without that plan. Life is good.

Another great video Erin..hope you and your husband are enjoying your summer..we've had beautiful summer here in michigan 😊

Moment of pain, lifetime of glory!Maximize Roth IRA & Roth 401k plans, time is on your side when you’re young, $100 spent today could have been worth $1,000 in the future if you invested it early on.

I plan on using a 5% rule with guardrails plus part-time work in a job I enjoy as a buffer

I’m trying the Vanderbilt plan. When he was asked how much money he needs he said a little more.

Great video and information!!

Thank you

Erin, Thanks for the information. I'm thinking the calculation for total amount to save for retirement should be Monthly required income (say $6,000) minus expected social security then multiple that value by 300. For example, say $4,700 is the social security monthly amount (taxes and medicare not included) resulting in $1,300 per month left over. That's the value to be saved for retirement times 300 which is a lot less than one million dollars.

Great explanation with full details on income and income streams and the the realistic amount of money you really need in retirement.

Great video

I use the 4% rule as a basic guideline. I have about 11 years before retirement and am on track. Just need to figure out how to allocate my money as I get closer to retirement. Thank you so much for your RU-vid channel! It is very informative.

THank you so much for saying that basing your retirement needs on your EXPENSES rather than income. It irritates me so hard when people assume income is the variable for how much savings you need.